Share market sheds 247 points on selling pressure

Share market sheds 247 points on selling pressure

KARACHI: The share market fell by 247 points on Friday as selling pressure continued during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,808 points as against previous day’s closing of 46,055 points showing a decline of 247 points.

Analysts at Arif Habib Limited said that the market saw repeat of selling pressure witnessed yesterday in the second session, which was driven by institutional selling and caused the market closing in red.

The second session today saw aggressive selling, particularly in E&P, Banks and O&GMCs sector that brought the Index down by -247 points.

Draw down in international crude oil prices supplemented the decline in E&P sector. Cement sector continued the uptrend with DGKC, LUCK, PIOC moving up and helped adding +303 points during the session.

Technology stocks also saw profit booking, barring NETSOL that despite declaring nominal EPS and hitting session’s low, bounced back strong.

Among scrips, WTL topped the volumes with 58.6 million, followed by TELE (37.8 million) and TRG (17.9 million).

Sectors contributing to the performance include Banks (-114 points), E&P (-109 points), Power (-64 points), Inv Banks (-40 points) and Fertilizer (-16 points).

Volumes declined from 1.12 bn shares to 442.7 million shares (-61 percent DoD). Average traded value also declined by 41 percent to reach US$ 131.7 million as against US$ 224.1 million.

Stocks that contributed significantly to the volumes include WTL TELE, TRG, DGKC and PIBTL, which formed 32 percent of total volumes.

Stocks that contributed positively to the index include LUCK (+58 points), SYS (+23 points), DGKC (+22 points), MTL (+10 points) and PIOC (+6 points). Stocks that contributed negatively include OGDC (-42 points), DAWH (-40 points), HUBC (-37 points), POL (-35 points) and MCB (-30 points).

Leave a Reply

You have to agree to the comment policy.